The language of wealth management is evolving, and not a moment too soon. With more than $49 trillion now held by U.S. households worth $5 million or more, according to Cerulli Associates,1 the race to serve ultra-high-net-worth (UHNW) families has intensified across banks, RIAs, boutiques, and private equity firms alike. But in the rush to capture attention, one label is being stretched—and misused—more than most: the “family office.”
What does “family office” really mean?
The Ultra High Net Worth Institute recently introduced the Wealthesaurus, a collaborative lexicon designed to bring clarity to over 80 commonly used—and frequently abused—industry terms. It’s a timely response to the growing number of firms branding themselves as family offices or multifamily offices (MFOs), regardless of whether they meet the criteria.
Their definitions remind us: a true single-family office serves one family and typically manages wealth well above the $100M–$250M mark. MFOs, meanwhile, are often reserved for families with $30M–$50M or more in assets. But here’s the nuance: while most HNW clients don’t meet those thresholds, they absolutely want the kind of high-touch, integrated service that comes with a family office.
Advisors want to meet those expectations. Fortunately, there are ways.
You don’t need a billion-dollar business to compete
The appetite for personalization and holistic financial support has never been stronger. According to McKinsey, 71% of consumers expect personalized interactions, and 76% get frustrated when they don’t get them.2 When clients call, they want to feel like they're phoning their personal family office. They want knowledgeable service, efficient responses, and warm, professional treatment.
As an advisor, you’re uniquely positioned to deliver this experience—without the headcount or infrastructure of a formal family office. With the right technology, partnerships, and processes, you can replicate the feel and function of a family office for your HNW clients.
Here’s how:
1. Coordinate holistic wealth planning across disciplines
What it looks like: Be your client’s personal CFO—aligning investment management with tax, estate, insurance, and philanthropic strategies.
Execution tips: Spend time thinking through HNWI needs and then start by assembling a trusted network of CPAs, estate planning attorneys, and insurance specialists. Rather than working in silos, bring these professionals together in regular, advisor-led family review meetings to ensure alignment across all aspects of the client’s financial life. Don’t wait for clients to ask—offer proactive recommendations around strategies like Roth conversions, charitable gifting, SLATs, and GRATs to keep them moving toward their long-term goals.
Why it matters: Family offices excel at cross-disciplinary collaboration. HNW clients don’t want to coordinate siloed professionals, they want a bench of experts at the ready. You can step in and lead the team.
2. Implement customized, tax-aware portfolio management
What it looks like: Move beyond model portfolios. Use tools like direct indexing and SMAs to design solutions tailored to each client’s tax situation and values.
Execution tips: Use separately managed accounts (SMAs) and direct indexing platforms to tailor portfolios around each client’s tax profile, values, and investment constraints. Incorporate legacy positions and low-basis assets into personalized strategies instead of forcing liquidation or one-size-fits-all allocations. To showcase your value, deliver annual reporting that quantifies tax alpha, harvest results, or after-tax performance impact.
Why it matters: UBS’s 2025 Family Office Report confirms that tax efficiency and customization are top client priorities.3 Today’s technology makes both accessible and scalable.
3. Support multigenerational planning and wealth education
What it looks like: Help your clients prepare the next generation to inherit wealth and values, not just assets.
Execution tips: Begin by facilitating “family legacy” conversations that bring multiple generations to the table to discuss long-term goals, shared values, and succession planning. Go a step further by offering educational content and experiences tailored to next-gen family members—private webinars, digital learning platforms, or in-person workshops. You can also leverage third-party tools that specialize in rising-gen engagement to deepen your relationships with future decision-makers.
Why it matters: 53% of family offices now have formal succession plans.4 Clients expect their advisors to do more than grow wealth. They want help protecting the family’s legacy.
4. Offer white-glove service and lifestyle support
What it looks like: Provide an anticipatory, concierge-level experience that builds loyalty through exceptional service.
Execution tips: Set a standard for highly responsive, personalized communication by treating every touchpoint as an opportunity to show clients how well you know them. Use technology to reduce friction through intuitive client portals, streamlined document gathering, and customized performance reporting. For an added layer of support, offer connections to a curated network of vetted professionals in areas like real estate, art advisory, private travel, or philanthropic consulting.
Why it matters: The “family office feel” isn’t just about strategy—it’s about peace of mind. You’re not just managing assets. You’re simplifying complexity and making life easier.
Rethink your potential
You don’t need to run a formal family office to deliver the same standard of care. With thoughtful design, the right wealth tech stack, and a commitment to client-centric service, you can elevate the experience you offer and win the loyalty of HNW families looking for something more than a portfolio review.
The bar has been raised. Will you rise to meet it? Explore your options at www.envestnet.com/private-wealth-consulting
